ANTI-MONEY LAUNDERING AND COUNTER-TERRORISM FINANCING ACT 2006 - SECT 35E Retention of verification information--credit reporting bodies

ANTI-MONEY LAUNDERING AND COUNTER-TERRORISM FINANCING ACT 2006 - SECT 35E

  (1)   A credit reporting body that receives a verification request in relation to an individual must retain the following information for 7 years after the request was received:

  (a)   the name of the reporting entity that made the request;

  (b)   the date on which the request was made;

  (c)   the personal information about the individual that was provided by the reporting entity to the credit reporting body;

  (d)   the date on which the credit reporting body provided an assessment (if any) in relation to the individual;

  (e)   such other information about the verification request as is specified in the AML/CTF Rules.

  (2)   A credit reporting body that retains information under subsection   (1) must delete the information at the end of the 7 year period referred to in that subsection.

Civil penalty

  (3)   Subsections   (1) and (2) are civil penalty provisions.